PT TBS Energi Utama Tbk (TBS) has officially entered into a strategic partnership with the Asian Development Bank (ADB) and Bank DBS Indonesia to accelerate the adoption of electric motorcycles in Indonesia. Through a US$15 million financing package—consisting of US$5 million from ADB, US$5 million from Bank DBS Indonesia and US$5 million from the Australian Climate Finance Partnership (ACFP), administered by ADB — this investment will support TBS's initiatives through PT Energi Kreasi Bersama (Electrum). This signing is attended by Pandu Sjahrir, Co-CEO TBS, Heru Hatman, Executive Director, Institutional Banking Group PT Bank DBS Indonesia, Jiro Tominaga, Country Director Indonesia Resident Mission, Asian Development Bank and Jack Yang, CEO Electrum.

This US$15 million funding will be used for the procurement of electric motorcycles and the development of battery-swapping stations (BSS) across Indonesia. The initiative is expected to reduce greenhouse gas emissions by up to 123,000 tons per year while providing a more eco-friendly, affordable, and accessible mobility solution for the public.

“We are very excited to be part of the effort to accelerate the adoption of electric vehicles in Indonesia. No one can tackle the challenges of climate change alone; developing a robust ecosystem through multi-stakeholder partnerships will speed up the transition to a low-carbon economy. Highlighting our role as green loan coordinator and a trusted partner for sustainable financing solutions, this program is in line with Green Loan Principles and is evidence of Bank DBS Indonesia’s commitment to being a financial institution that supports Asia’s transition to a low-carbon future,” said Heru Hatman, Executive Director, Institutional Banking Group PT Bank DBS Indonesia.

The partnership with TBS Energi is not the first. Previously, Bank DBS Indonesia, together with PT Bank Mandiri (Persero), were book runners and lead arrangers for a US$33 million credit agreement for PT TBS Energi Utama Tbk (“TBS”) in a club deal. The funds were used to acquire Asia Medical Enviro Services (“AMES”), a pioneering and leading company specializing in medical waste services in Singapore.

“TBS is proud of the confidence ADB, ACFP, and Bank DBS Indonesia has placed in Electrum, highlighting its immense potential in the electric vehicle sector and energy transition in Indonesia. We all share the same vision that energy transition is a critical component for a better society. This development financing not only strengthens our resolve but also equips us with the resources and partnerships needed to turn this vision into reality, " said Pandu Sjahrir, Co-CEO of TBS.

“Through Electrum, we aim to address key barriers that have hindered the adoption of electric vehicles, such as high upfront costs and concerns over range. By offering high-quality electric motorcycles supported by an extensive battery-swapping network, we aim to provide a solution that truly meets the needs of the public. Support from all of our partners not only validates our vision but also ensures this initiative delivers meaningful environmental, social, and gender impacts, benefiting all segments of society,” Pandu revealed.

As the largest automotive market in Southeast Asia, Indonesia has over 148 million motorcycles in operation, but only around 26,000 are electric. Reducing emissions in the transportation sector is a key step in achieving Indonesia's net-zero emissions target by 2060.

Through its Asian Connectivity, Bank DBS Indonesia aims to collaborate with communities and businesses across Asia and beyond to accelerate progress toward achieving net-zero emissions in line with its commitment as the ‘Best Bank for A Better World’. This reflects Bank DBS Indonesia’s commitment as a trusted advisor for sustainable financing that offers diverse financial solutions to support companies transitioning to green energy, including fostering the development of the electric vehicle (EV) industry ecosystem.

Furthermore, to strengthen its commitment to accelerating the implementation of net-zero emissions, Bank DBS Indonesia became the first and only bank to join the Electric Mobility Ecosystem Association (AEML). This strategic partnership underscores Bank DBS Indonesia's dedication to advancing sustainable financing and supporting the rapid growth of the EV sector in Indonesia.

AEML consists of key players from across the EV ecosystem, including manufacturers, suppliers, energy providers, and technology innovators. As the first financial institution to join, Bank DBS Indonesia brings a crucial perspective, emphasizing the importance of accessible and innovative financing solutions to accelerate the adoption and success of EVs globally.

[END]

About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia ” award by Global Finance for 16 consecutive years from 2009 to 2024.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

Established in 1989 as part of the Singapore-based DBS Group, PT Bank DBS Indonesia (Bank DBS Indonesia) is one of the banks with the longest history in Asia. Currently operating 1 Head Office, 13 Branch Offices, 16 Assistant Offices and 4 Functional Offices and 3,011 active employees in 15 Major Cities in Indonesia, Bank DBS Indonesia provides comprehensive banking services that focus on the customer experience to 'Live more, Bank less'. We also see a purpose beyond banking and are committed to supporting our customers, employees, and the community towards a sustainable future.

PT Bank DBS Indonesia is licensed and supervised by The Indonesian Financial Services Authority (OJK), and an insured member of Indonesia Deposit Insurance Corporation (LPS).

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About TBS
PT TBS Energi Utama Tbk (IDX: TOBA) is a publicly listed integrated energy company leading the transition in Indonesia’s energy sector through sustainable development. With a diverse business portfolio that includes coal mining and trading, power generation, plantations, electric vehicles, renewable energy, and waste management, TBS is dedicated to reducing its carbon footprint and promoting environmental sustainability from low-carbon growth. Operating across multiple sites in Singapore and Indonesia, including North Sulawesi, Gorontalo, East Kalimantan, Batam, Lampung and Central Java, TBS employs over 2,000 people who are integral to its mission of sustainable growth and innovation. The company’s strategic focus Towards a Better Society 2030 (TBS2030) emphasizes its commitment to achieving carbon neutrality by 2030, in alignment with Indonesia’s Net Zero Carbon 2060 goals. Through continuous innovation and a commitment to responsible growth, TBS aims to create a positive impact on communities and contribute to a greener, more sustainable future.

For more information about our green business journey, visit www.tbsenergi.com

Bank DBS Indonesia and ADB provide green financing of USD 15 million to accelerate electric mobility in Indonesia.